Banyan Tree Holdings, the manager and developer of resorts, hotels and spas, posted a 87% increase in operating profit to $20.4 million for the fourth quarter (4Q09), boosted by revenue growth from hotels and resorts in Thailand coupled with group-wide cost-saving measures.

The group registered revenue of $94 million, an increase of $3.1 million or 3% compared to 4Q08.

Hotel Investments segment achieved revenue of S$57.9 million in 4Q09, an increase of S$5.3 million or 10% compared to 4Q08. All 3 major regions i.e. Thailand, Maldives and China recorded higher revenue compared to the same period last year with Thailand accounting for 92% of the overall increase.

Hotel Residences and Property Sales segments recorded combined revenue of $15.4 million in 4Q09, a decrease of $2.4 million or 14% compared to 4Q08. Hotel Residences segment revenue was lower by $7.1 million or 55% but partially offset by higher revenue from Property Sales segment by $4.7 million or 98%.

Hotel management revenue increased by $0.9 million or 23% from $4.0 million in 4Q08 to $4.9 million in 4Q09 mainly due to hotel management fees from Banyan Tree Mayakoba which opened in March 2009.

Spa revenue increased by $0.4 million or 6% from $6.8 million in 4Q08 to S$7.2 million in 4Q09 mainly due to higher revenue from outlets such as Banyan Tree Bintan, Angsana Velavaru and Banyan Tree Shanghai and Angsana Egypt.

For the full year, the group remained profitable with PATMI at $3 million but was 57% below last year, due to a strong first half in 2008 before the onset of global economic downturn and political events in Thailand.

The group’s overall cash and cash equivalents for the year increased by 42% to $76.3 million largely due to lower funds used for investing activities, in line with the group’s strategy of preserving cash following the onset of the global financial crisis.